From David Kerley and Sunlen Miller:
President Obama came to Toronto for the G-20 conference saying his colleagues should not stop spending on stimulus for their economies. Guess what? That’s exactly what they decided to do, but the president says he’s fine with that. This is what you call a compromise.
The world’s leading economies decided it’s time to start cutting their deficits. The goal is to reduce those deficits by half by 2013. Obama is on board, but you could hear the warning he was making here this weekend during his post summit news conference.
“We can't all rush to the exits at the same time,” he said. “In each country, what we have to recognize is recovery is still fragile, that we still have more work to make recovery durable.”
The Europeans who pushed for deficit reduction have been stung by the Greek financial crisis. Their call to stop spending and start cutting sounds a lot like what Republicans are saying back home. Some have even questioned whether the president is serious about reducing the deficit.
The president’s response was blunt.
“I hope people who are hollering about deficits and debt start stepping up," he said. "Because I’m calling their bluff and we’ll see how much of that, how much of the political arguments they’re making right now are real and how much of it was just politics.”
– David Kerley and Sunlen Miller